EZJ vs. EW

Last updated Jun 4, 2026

EZJ (ProShares Ultra MSCI Japan) is Leveraged Equities fund tracking the MSCI Japan Index (200%), while EW (Edwards Lifesciences Corporation) is a stock. Over the past 10 years, EZJ returned 10.74%/yr vs 9.77%/yr for EW. At a 0.31 correlation, their price movements are largely independent.

Performance

EZJ vs. EW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra MSCI Japan (EZJ) and Edwards Lifesciences Corporation (EW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EZJ achieves a 28.79% return, which is significantly higher than EW's 0.88% return. Over the past 10 years, EZJ has outperformed EW with an annualized return of 10.74%, while EW has yielded a comparatively lower 9.77% annualized return.

EZJ

• 1D: 0.84%
• 1M: 12.78%
• YTD: 28.79%
• 6M: 31.91%
• 1Y: 58.39%
• 3Y*: 25.86%
• 5Y*: 7.67%
• 10Y*: 10.74%

EW

• 1D: -1.89%
• 1M: 3.20%
• YTD: 0.88%
• 6M: 2.41%
• 1Y: 10.65%
• 3Y*: 0.26%
• 5Y*: -2.15%
• 10Y*: 9.77%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EZJ vs. EW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EZJ ProShares Ultra MSCI Japan	28.79%	42.72%	3.31%	30.78%	-38.23%	-1.96%	22.21%	33.76%	-30.99%	49.10%
EW Edwards Lifesciences Corporation	0.88%	15.16%	-2.91%	2.20%	-42.41%	42.00%	17.32%	52.31%	35.90%	20.29%

Correlation

The correlation between EZJ and EW is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Jun 8, 2009	0.31

Return for Risk

EZJ vs. EW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EZJ

EZJ Risk / Return Rank: 42
EZJ Sharpe Ratio Rank: 42
EZJ Sortino Ratio Rank: 41
EZJ Omega Ratio Rank: 41
EZJ Calmar Ratio Rank: 44
EZJ Martin Ratio Rank: 42

EW

EW Risk / Return Rank: 54
EW Sharpe Ratio Rank: 56
EW Sortino Ratio Rank: 50
EW Omega Ratio Rank: 47
EW Calmar Ratio Rank: 58
EW Martin Ratio Rank: 60

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EZJ vs. EW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra MSCI Japan (EZJ) and Edwards Lifesciences Corporation (EW). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	EZJ	EW	Difference
Sharpe ratio Return per unit of total volatility	1.48	0.45	+1.03
Sortino ratio Return per unit of downside risk	2.09	0.85	+1.24
Omega ratio Gain probability vs. loss probability	1.27	1.10	+0.17
Calmar ratio Return relative to maximum drawdown	2.19	0.84	+1.35
Martin ratio Return relative to average drawdown	6.72	2.06	+4.66
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EZJ vs. EW - Sharpe Ratio Comparison

The current EZJ Sharpe Ratio is 1.48, which is higher than the EW Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of EZJ and EW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EZJ	EW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.48	0.45	+1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	-0.07	+0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.30	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.52	-0.28

Drawdowns

EZJ vs. EW - Drawdown Comparison

The maximum EZJ drawdown since its inception was -58.63%, which is greater than EW's maximum drawdown of -54.32%. Use the drawdown chart below to compare losses from any high point for EZJ and EW.

Drawdown Indicators

	EZJ	EW	Difference
Max Drawdown Largest peak-to-trough decline	-58.63%	-54.32%	-4.31%
Max Drawdown (1Y) Largest decline over 1 year	-26.78%	-12.73%	-14.05%
Max Drawdown (3Y) Largest decline over 3 years	-31.48%	-37.53%	+6.05%
Max Drawdown (5Y) Largest decline over 5 years	-58.63%	-54.32%	-4.31%
Max Drawdown (10Y) Largest decline over 10 years	-58.63%	-54.32%	-4.31%
Current Drawdown Current decline from peak	-4.25%	-34.19%	+29.94%
Average Drawdown Average peak-to-trough decline	-21.29%	-14.46%	-6.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.72%	5.18%	+3.54%

Volatility

EZJ vs. EW - Volatility Comparison

ProShares Ultra MSCI Japan (EZJ) and Edwards Lifesciences Corporation (EW) have volatilities of 8.67% and 8.29%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EZJ	EW	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.67%	8.29%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	30.75%	18.71%	+12.04%
Volatility (1Y) Calculated over the trailing 1-year period	39.75%	23.92%	+15.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.59%	32.61%	+3.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.54%	32.24%	+2.30%

Dividends

EZJ vs. EW - Dividend Comparison

EZJ's dividend yield for the trailing twelve months is around 1.60%, while EW has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EW Edwards Lifesciences Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EZJ ProShares Ultra MSCI Japan	1.60%	1.13%	2.09%	1.11%	0.56%	0.00%	0.00%	0.24%	4.49%

Frequently Asked Questions

Can I hold both EZJ and EW in my portfolio?

EZJ and EW have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EZJ or EW?

EZJ has higher volatility (8.67%) compared to EW (8.29%). In terms of maximum drawdown, EZJ dropped -58.63% vs EW's -54.32%.

Which has better risk-adjusted returns?

EZJ currently has the higher Sharpe Ratio (1.48 vs 0.45), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.